Mikhail Mishustin has signed a resolution on expanding the Capital of the Arctic priority development area in the Murmansk Region. The document will make it possible to begin construction of a logistics center that will attract 46.4 billion rubles in private investment and create more than 700 new jobs.

"A container terminal for international transit maritime freight traffic will be built in the new sections of the priority development area. It will be used to transship cargo to ice-class ships that can operate along the Northern Sea Route. The work on constructing the logistics center will be completed by 2026," the Russian Government's website reports.

As of today, nine residents are implementing their projects in the Capital of the Arctic priority development area. Their total investment totals 129.9 billion rubles. In addition, the companies have created around 2,600 jobs.

A priority development area is a special tool designed to stimulate the development of priority sectors of the economy and attract new investors. Its residents enjoy a wide range of benefits and preferences, including reduced tax rates and insurance premiums, as well as a free customs zone procedure.